Consultation outcome

Transposition of the Fifth Money Laundering Directive

This consultation has concluded

Detail of outcome

The government is grateful for all the responses received. The final regulations were laid in Parliament on 20 December 2019 and came into force on 10 January 2020.

Original consultation

Summary

Seeking views on the transposition of the Fifth Money Laundering Directive.

This consultation ran from
to

Consultation description

This consultation invited views and evidence on the steps that the government proposed to take to meet the UK’s expected obligation to transpose the Fifth Money Laundering Directive into national law.

The Fifth Money Laundering Directive makes amendments to the Fourth Money Laundering Directive on the prevention of the use of the financial system for the purposes of money laundering and terrorist financing. These amendments and new provisions will further strengthen transparency and the existing preventative framework, whilst ensuring the UK adheres to international standards set by the Financial Action Task Force.

The government is keen to ensure that the UK’s anti-money laundering and counter terrorist financing regime effectively deters money laundering and terrorist financing activity, whilst being proportionate and managing burdens on businesses.

Documents

Published 15 April 2019
Last updated 23 January 2020 + show all updates
  1. Added the consultation responses

  2. Added the outcomes of the consultation.

  3. First published.